Finance ministry's expenditure finance committee to take up ₹2,250-cr export promotion mission
finance ministry
's expenditure finance committee will soon discuss the
commerce and industry ministry
's proposal to set up a ₹2,250 crore
export promotion mission
, an official said on Wednesday.
The EFC is tasked with reviewing and approving spending proposals. The government had on February 1 announced the setting up of the mission.
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It is likely to include easy credit schemes for
MSMEs
and e-commerce exporters, facilitation of
overseas warehousing
, and
global branding initiatives
to tap emerging export opportunities.
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"The committee, under the finance ministry, will soon take up the proposal. After its approval, it will go to the Cabinet," the official said.
The aim to grow exports has gained criticality with the US announcing steep 50% tariffs on Indian imports. The commerce and industry ministry has since held several
stakeholder meetings
to understand the challenges being faced by exporters due to the high US tariffs.
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Sectors like textiles, chemicals, leather goods, and footwear are expected to be the hardest hit.
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